More couples than ever are considering prenuptial agreements, and for good reason: They clearly outline strategies and stipulations in advance should the marriage falter, and they force couples to have some tough conversations before tying the knot. While not all couples need to have a prenup, it’s a good idea for most, including in some of the following circumstances.
If Either Spouse Has Children
If one spouse has a child or children from a previous marriage, they’ll likely have some prior plans in place for their children’s well-being or future needs. A prenup can keep those costs clear and separate from any new costs (or child-related needs) that come in the new union. A prenup can also help delineate who is entitled to what should a parent die, and there’s a will of any value involved.
Spouses with High-Net-Worth
One of the most common reasons for a prenup is to help spouses with high-net-worth keep certain assets separate and out of the marriage. This is often to protect large amounts of liquidity, business assets, or real estate. A prenup can also help alleviate the burden of that property for spouses who may not want it as their own upon their significant other’s death.
Spouses with Significant Debt
On the other hand, if one spouse has significant debt, it may be in the other spouse’s best interest to sign a prenup not to absorb the liability for said debt. In some cases, a significant other’s credit card or other unsecured debt may suddenly become the other spouse’s responsibility should the debt owner die. In this day and age of increased personal debt for many students and others, it’s something to consider.
This is only a small sampling of situations where a prenup may be a good idea. In any case, a prenup should be drafted by a professional with experience in the area. A family law attorney will understand the nuances of what goes into these agreements and could even provide additional insight not initially thought of. Having proper representation could ensure a fair and equitable prenup that fairly showcases the interests of both you and your spouse.
If you are considering a prenuptial agreement in Warren or Butler counties, contact Garretson & Holcomb, LLC to get professional and trusted guidance. Call (513) 863-6600 to learn more.